H1 Insights raises $12.9 million for its AI technology

It was announced today that the startup H1 Insights has raised $12.9 million in Series A funding just months after graduating from Y Combinator. This brings H1 Insights total funding to $20 million.

H1 Insights funding was led by Menlo Ventures with investment participants Novartis DRX, Y Combinator, Baron Davis Enterprises, ClearPoint Investment, Jeff Hammerbacher, Liquid 2 Ventures, and Underscore VC chipping in.

Greg Yap, Partner, Menlo Ventures explained their investment in H1 Insights Series A funding round: “H1 is harnessing the power of this data and providing a robust platform for pharma, biotech, and life sciences companies to connect with healthcare professionals. Their early traction is promising and shows that it meets a clear need for the industry.”

New York-based H1 Insights was cofounded by Katz and Zachary Feuerstein in 2017. H1 Insights has a developing platform that connects healthcare and life science professionals with companies seeking their expertise.

The medical startup has witnessed significant growth reporting a 350% increase in revenue for the year 2019 compared to the year 2018.

H1 Insights joins a number of other companies including Adverity, Previse, and Concertio that have successfully raised funds during the COVID-19 pandemic.

Ariel Katz, CEO, H1 Insights spoke on what the company is focussing on in an email to VentureBeat by saying: “Linkedin Sales Navigator is used in other industries to find professionals to engage with, but in healthcare, H1 is starting to be used in the same way to find, engage, and keep up to date with healthcare professionals.”

Partly due to the Coronavirus pandemic, the medical data startup is continuing its rapid growth. They have a current client base of over 35 life science, biotech, and pharmaceutical companies using their platform to find experts to help in the fight against COVID-19.

The company said it captures information on over 95% of health care professional-patient interactions in the U.S. alone, including the speaking history of interactions, which can be used to identify healthcare professionals who may be able to suggest procedural and diagnostics in a more efficient way.

Katz continued by saying: “Within the healthcare industry, we focus on pharma, biotech, medical devices, hospitals, health systems, and medical schools. As an example, within pharma there are several use cases for our data, including identifying healthcare professionals for clinical trials to reading the latest publication by a leading healthcare professional.”

It’s thought that with the new capital, H1 Insights will be spending it on new team members, which includes Greg Yap joining the board of directors, to accelerate and accommodate the number of new companies joining their platform.